Innovation and technology are no longer just buzzwords—they’re at the heart of India’s strategy to become a global leader in the 21st century. The government’s recent Union Budget has made it clear that investing in research, startups, and futuristic technologies is now a top national priority.
With a focus on sectors like deep tech, agriculture innovation, AI, and education, the budget allocated ₹20,000 crore to research and innovation initiatives. These steps aim to create more jobs, develop cutting-edge technologies, and build a knowledge-based economy.
Let’s take a closer look at how India is planning this transformation—and what it means for the people.
1. A Strong Push for Innovation and Technology
Innovation plays a vital role in economic growth, job creation, and national security. In recent years, countries like the USA, China, and South Korea have invested heavily in science and technology. India is now taking similar steps to boost its global competitiveness.
Why it matters:
- Innovation contributes to higher GDP and sustainable development.
- Technological self-reliance reduces dependency on foreign products.
- A strong tech ecosystem can create millions of skilled jobs.
India ranks 40th in the Global Innovation Index 2023, but the government aims to break into the top 25 by investing in science and tech infrastructure.
2. ₹20,000 Crore Allocated for Research & Development
This year’s budget allocated ₹20,000 crore (or ₹200 billion) for research and innovation. This is a big jump from previous years and is meant to:
- Support research labs, universities, and startups.
- Encourage industry-academia collaboration.
- Focus on priority sectors like renewable energy, health, AI, and manufacturing.
Comparison:
- India currently spends around 0.7% of its GDP on R&D.
- In contrast, countries like:
- South Korea spends ~4.8%,
- Israel ~5.4%,
- USA ~3.5%.
This budget aims to close that gap and help India compete with global tech leaders.
3. Deep Tech Fund of Funds: Boosting Next-Gen Startups
A major highlight is the Deep Tech Fund of Funds, which will support cutting-edge startups working on technologies like:
- Artificial Intelligence (AI)
- Quantum computing
- Semiconductors
- Robotics
- Space tech and biotechnology
What is Deep Tech?
Deep tech refers to technologies based on advanced scientific or engineering innovations. Unlike regular apps or services, deep tech startups solve complex problems that can transform industries.
Key Features:
- Government-backed fund to attract private investments.
- Encourages venture capital to support high-risk, high-impact startups.
- Likely to benefit over 500 new-age startups in the next 5 years.
This is especially important as global investments in Indian startups dropped in 2023. The Deep Tech Fund offers fresh momentum to innovation.
4. PM Research Fellowship: Supporting India’s Brightest Minds
To promote advanced research, the government continues the Prime Minister’s Research Fellowship (PMRF) for talented young scholars pursuing PhDs in top institutions like IITs, IISc, and IISERs.
Fellowship Benefits:
- Monthly stipend of ₹70,000 to ₹80,000.
- Annual research grant of ₹2 lakh per scholar.
- Access to high-end research facilities and mentorship.
Why it matters:
- Encourages top students to stay in India for research.
- Builds a strong pipeline of scientists, engineers, and innovators.
- Supports projects in fields like clean energy, advanced materials, and data science.
India has already supported over 3,000 researchers under PMRF, and this number is expected to grow rapidly with continued investment.
5. Gene Bank for Crop Germplasm: Tech Meets Agriculture
Innovation is not just about gadgets—it also includes improving agriculture and food security. The government is setting up a Gene Bank for Crop Germplasm to preserve native plant varieties and improve crop resilience.
What is a Gene Bank?
A gene bank stores seeds and genetic material from various crops, especially those that are:
- Drought-resistant
- Pest-tolerant
- Rich in nutrition
Why it’s needed:
- India has over 325 wild crop relatives, many of which are at risk of disappearing.
- Climate change is affecting crop yields and food availability.
- By preserving genetic diversity, scientists can breed better, climate-resilient crops.
₹3,500 crore has been allocated to agri-research programs, a portion of which will go into building this gene bank.
6. Focus on AI in Education and Innovation
Artificial Intelligence is one of the key areas of focus, not just in business but also in education and governance. The Centre announced:
- A Centre of Excellence in AI for Education, with a budget of ₹500 crore.
- AI integration in smart classrooms, adaptive learning platforms, and teacher training.
Impact:
- Helps personalize learning for students.
- Makes education more accessible in rural areas.
- Trains students in future-ready skills like AI and machine learning.
This will create a new generation of AI-literate citizens, equipped for the global tech job market.
7. Long-Term Impact: How This Shapes India’s Future
These investments are not just about the next year—they’re shaping the next few decades of India’s future.
Expected Outcomes:
- Job creation: India’s tech sector can generate over 1 crore high-skill jobs in the next 10 years.
- Startups: More deep tech startups can make India a global hub for innovation.
- Food security: Better crops and data-driven farming will help feed a growing population.
- Climate resilience: Innovations in green energy and agri-tech can fight environmental challenges.
India is positioning itself to become a global leader in research and development, much like how the U.S. became a tech superpower in the 20th century.
Global Comparison: Where India Stands
| Country | % of GDP Spent on R&D | Innovation Index Rank (2023) |
|---|---|---|
| USA | 3.5% | 2 |
| South Korea | 4.8% | 10 |
| Israel | 5.4% | 15 |
| China | 2.4% | 12 |
| India | 0.7% | 40 |
India is catching up. With the current momentum, it is expected to enter the top 30 in innovation rankings within a few years.
Conclusion: A Smart, Self-Reliant India
From building gene banks and funding deep tech to supporting young researchers and AI in education, India’s 2024 budget clearly shows that technology is the way forward.
These reforms are not just for big cities or tech parks—they aim to:
- Empower students
- Support farmers
- Fuel startups
- Protect the environment
- Create quality jobs
With continued support, India is well on its way to becoming a knowledge-based, innovation-driven superpower. The future looks bright—and it’s being built today.